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<!--
  This file is part of the Dutch Taxonomy (Nederlandse Taxonomie; NT)
  Intellectual Property of the State of the Netherlands
  Architecture: NT20
  Version: 20251210
  Release date: October 31, 2025
-->
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    <link:label id="bzk-ww-i_ServiceContractsExpenses_negatedLabel_de" xlink:label="bzk-ww-i_ServiceContractsExpenses_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Aufwendungen Wartungsverträge</link:label>
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    <link:label id="bzk-ww-i_MaintenanceExpenses_negatedLabel_de" xlink:label="bzk-ww-i_MaintenanceExpenses_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Belastung durch Wartungsarbeiten</link:label>
    <link:label id="bzk-ww-i_ProvideInternalLoanClassifiedAsInvestingActivities_negatedLabel_de" xlink:label="bzk-ww-i_ProvideInternalLoanClassifiedAsInvestingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Bereitstellung eines internen Darlehens</link:label>
    <link:label id="bzk-ww-i_SectorSpecificLevyIndependentOfResult_negatedLabel_de" xlink:label="bzk-ww-i_SectorSpecificLevyIndependentOfResult_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Branchenspezifische Steuer, unabhängig vom Ergebnis</link:label>
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    <link:label id="bzk-ww-i_ExternalCostAtSale_negatedLabel_de" xlink:label="bzk-ww-i_ExternalCostAtSale_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Externe Kosten bei Verkauf</link:label>
    <link:label id="bzk-ww-i_AttributableFinancingCosts_negatedLabel_de" xlink:label="bzk-ww-i_AttributableFinancingCosts_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Kalkulatorische Finanzierungkosten</link:label>
    <link:label id="bzk-ww-i_LiveabilityExpenses_negatedLabel_de" xlink:label="bzk-ww-i_LiveabilityExpenses_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Kosten bezüglich Lebensqualität</link:label>
    <link:label id="bzk-ww-i_CostsOtherActivities_negatedLabel_de" xlink:label="bzk-ww-i_CostsOtherActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Kosten von sonstigen Aktivitäten</link:label>
    <link:label id="bzk-ww-i_CorporateTaxClassifiedAsOperatingActivities_negatedLabel_de" xlink:label="bzk-ww-i_CorporateTaxClassifiedAsOperatingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Körperschaftssteuer</link:label>
    <link:label id="bzk-ww-i_LiveabilityExpensesExternalExpensesNoninvestmentRelated_negatedLabel_de" xlink:label="bzk-ww-i_LiveabilityExpensesExternalExpensesNoninvestmentRelated_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Lebensqualität externe Ausgaben nicht investitionsgebunden</link:label>
    <link:label id="bzk-ww-i_LiveabilityExternalExpensesProjectRelated_negatedLabel_de" xlink:label="bzk-ww-i_LiveabilityExternalExpensesProjectRelated_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Lebensqualität externe Ausgaben projektgebunden</link:label>
    <link:label id="bzk-ww-i_PaymentsNewBuildingsRentHousingAndNonHousingUnits_negatedLabel_de" xlink:label="bzk-ww-i_PaymentsNewBuildingsRentHousingAndNonHousingUnits_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Neubau Miete</link:label>
    <link:label id="bzk-ww-i_NewBuildingsSaleHousingAndNonHousingUnits_negatedLabel_de" xlink:label="bzk-ww-i_NewBuildingsSaleHousingAndNonHousingUnits_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Neubau Verkäufe</link:label>
    <link:label id="bzk-ww-i_RepaymentsExistingLoansFromTIClassifiedAsFinancingActivities_negatedLabel_de" xlink:label="bzk-ww-i_RepaymentsExistingLoansFromTIClassifiedAsFinancingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Rückzahlung vorhandener Darlehen von einer berechtigten Institution</link:label>
    <link:label id="bzk-ww-i_OrganisationCostsOther_negatedLabel_de" xlink:label="bzk-ww-i_OrganisationCostsOther_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Sonstige Organisationskosten</link:label>
    <link:label id="bzk-ww-i_DirectOperationalExpensesOtherExploitationPossession_negatedLabel_de" xlink:label="bzk-ww-i_DirectOperationalExpensesOtherExploitationPossession_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Sonstige direkte, operative Abgaben, Verwertung Besitz</link:label>
    <link:label id="bzk-ww-i_RentalAndManagementActivitiesExpenses_negatedLabel_de" xlink:label="bzk-ww-i_RentalAndManagementActivitiesExpenses_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Steuern Vermietungs- und Verwaltungsaktivitäten</link:label>
    <link:label id="bzk-ww-i_RedemptionDAEBInvestmentNonWSWSecuredLoans_negatedLabel_de" xlink:label="bzk-ww-i_RedemptionDAEBInvestmentNonWSWSecuredLoans_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Tilgung von Darlehen für DAWI-Investitionen ohne Bürgschaft durch WSW</link:label>
    <link:label id="bzk-ww-i_RedemptionNonDAEBInvestmentNonWSWSecuredLoans_negatedLabel_de" xlink:label="bzk-ww-i_RedemptionNonDAEBInvestmentNonWSWSecuredLoans_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Tilgung von Darlehen für Nicht-DAWI-Investitionen ohne Bürgschaft durch WSW</link:label>
    <link:label id="bzk-ww-i_RepaymentsInternalLoansClassifiedAsFinancingActivities_negatedLabel_de" xlink:label="bzk-ww-i_RepaymentsInternalLoansClassifiedAsFinancingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Tilgung von internes Darlehen</link:label>
    <link:label id="bzk-ww-i_RedemptionWSWSecuredLoans_negatedLabel_de" xlink:label="bzk-ww-i_RedemptionWSWSecuredLoans_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Tilgungen von Darlehen mit WSW-Bürgschaft</link:label>
    <link:label id="bzk-ww-i_PaymentsAccommodationImprovementsHousingAndNonHousingUnits_negatedLabel_de" xlink:label="bzk-ww-i_PaymentsAccommodationImprovementsHousingAndNonHousingUnits_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Verbesserungen</link:label>
    <link:label id="bzk-ww-i_LessorLevy_negatedLabel_de" xlink:label="bzk-ww-i_LessorLevy_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Vermieter-Steuer</link:label>
    <link:label id="bzk-ww-i_PaymentsOtherClassifiedAsInvestingActivities_negatedLabel_de" xlink:label="bzk-ww-i_PaymentsOtherClassifiedAsInvestingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Zahlungen andere</link:label>
    <link:label id="bzk-ww-i_PaymentsCompoundClassifiedAsInvestingActivities_negatedLabel_de" xlink:label="bzk-ww-i_PaymentsCompoundClassifiedAsInvestingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Zahlungen in Verbindungen</link:label>
    <link:label id="bzk-ww-i_InterestPaidExcludingInternalLoansClassifiedAsOperatingActivities_negatedLabel_de" xlink:label="bzk-ww-i_InterestPaidExcludingInternalLoansClassifiedAsOperatingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Zinszahlung (exklusiv internes Darlehen)</link:label>
    <link:label id="bzk-ww-i_InterestPaidInternalLoansClassifiedAsOperatingActivities_negatedLabel_de" xlink:label="bzk-ww-i_InterestPaidInternalLoansClassifiedAsOperatingActivities_negatedLabel_de" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="de">Zinszahlung internes Darlehen</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_BookValueRealEstatePortfolioSold_loc" xlink:to="bzk-ww-i_BookValueRealEstatePortfolioSold_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_CorporateTaxClassifiedAsOperatingActivities_loc" xlink:to="bzk-ww-i_CorporateTaxClassifiedAsOperatingActivities_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_CostsOtherActivities_loc" xlink:to="bzk-ww-i_CostsOtherActivities_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_DemolitionExpensesHousingAndNonHousingUnits_loc" xlink:to="bzk-ww-i_DemolitionExpensesHousingAndNonHousingUnits_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_DirectOperationalExpensesOtherExploitationPossession_loc" xlink:to="bzk-ww-i_DirectOperationalExpensesOtherExploitationPossession_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_DividendsPaidClassifiedAsInvestingActivities_loc" xlink:to="bzk-ww-i_DividendsPaidClassifiedAsInvestingActivities_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_ExternalCostAtSale_loc" xlink:to="bzk-ww-i_ExternalCostAtSale_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_InterestPaidExcludingInternalLoansClassifiedAsOperatingActivities_loc" xlink:to="bzk-ww-i_InterestPaidExcludingInternalLoansClassifiedAsOperatingActivities_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_InterestPaidInternalLoansClassifiedAsOperatingActivities_loc" xlink:to="bzk-ww-i_InterestPaidInternalLoansClassifiedAsOperatingActivities_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_LessorLevy_loc" xlink:to="bzk-ww-i_LessorLevy_negatedLabel_de" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_LiveabilityExpenses_loc" xlink:to="bzk-ww-i_LiveabilityExpenses_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_LiveabilityExternalExpensesProjectRelated_loc" xlink:to="bzk-ww-i_LiveabilityExternalExpensesProjectRelated_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_MaintenanceExpenses_loc" xlink:to="bzk-ww-i_MaintenanceExpenses_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_NewBuildingsSaleHousingAndNonHousingUnits_loc" xlink:to="bzk-ww-i_NewBuildingsSaleHousingAndNonHousingUnits_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_OrganisationCostsOther_loc" xlink:to="bzk-ww-i_OrganisationCostsOther_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_PaymentsAccommodationImprovementsHousingAndNonHousingUnits_loc" xlink:to="bzk-ww-i_PaymentsAccommodationImprovementsHousingAndNonHousingUnits_negatedLabel_de" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_ProvideInternalLoanClassifiedAsInvestingActivities_loc" xlink:to="bzk-ww-i_ProvideInternalLoanClassifiedAsInvestingActivities_negatedLabel_de" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_PurchaseLand_loc" xlink:to="bzk-ww-i_PurchaseLand_negatedLabel_de" xlink:type="arc"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_RedemptionWSWSecuredLoans_loc" xlink:to="bzk-ww-i_RedemptionWSWSecuredLoans_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_RentalAndManagementActivitiesExpenses_loc" xlink:to="bzk-ww-i_RentalAndManagementActivitiesExpenses_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_RepaymentsExistingLoansFromTIClassifiedAsFinancingActivities_loc" xlink:to="bzk-ww-i_RepaymentsExistingLoansFromTIClassifiedAsFinancingActivities_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_RepaymentsInternalLoansClassifiedAsFinancingActivities_loc" xlink:to="bzk-ww-i_RepaymentsInternalLoansClassifiedAsFinancingActivities_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_SectorSpecificLevyIndependentOfResult_loc" xlink:to="bzk-ww-i_SectorSpecificLevyIndependentOfResult_negatedLabel_de" xlink:type="arc"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="bzk-ww-i_ServiceContractsExpenses_loc" xlink:to="bzk-ww-i_ServiceContractsExpenses_negatedLabel_de" xlink:type="arc"/>
    <link:loc xlink:href="bzk-ww-data.xsd#bzk-ww-i_AttributableFinancingCosts" xlink:label="bzk-ww-i_AttributableFinancingCosts_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ww-data.xsd#bzk-ww-i_BookValueRealEstatePortfolioSold" xlink:label="bzk-ww-i_BookValueRealEstatePortfolioSold_loc" xlink:type="locator"/>
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    <link:loc xlink:href="bzk-ww-data.xsd#bzk-ww-i_DirectOperationalExpensesOtherExploitationPossession" xlink:label="bzk-ww-i_DirectOperationalExpensesOtherExploitationPossession_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ww-data.xsd#bzk-ww-i_DividendsPaidClassifiedAsInvestingActivities" xlink:label="bzk-ww-i_DividendsPaidClassifiedAsInvestingActivities_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ww-data.xsd#bzk-ww-i_ExternalCostAtSale" xlink:label="bzk-ww-i_ExternalCostAtSale_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ww-data.xsd#bzk-ww-i_InterestPaidExcludingInternalLoansClassifiedAsOperatingActivities" xlink:label="bzk-ww-i_InterestPaidExcludingInternalLoansClassifiedAsOperatingActivities_loc" xlink:type="locator"/>
    <link:loc xlink:href="bzk-ww-data.xsd#bzk-ww-i_InterestPaidInternalLoansClassifiedAsOperatingActivities" xlink:label="bzk-ww-i_InterestPaidInternalLoansClassifiedAsOperatingActivities_loc" xlink:type="locator"/>
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